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Briefcase

December 21, 1987|Michael Flagg, Times Staff Writer

Futaba Corp. of America, a maker of model electronics, paid $2.5 million for a 4.5-acre site at Irvine Spectrum and plans to build a $5-million, 100,000-square-foot corporate headquarters and distribution building, Grubb & Ellis Co. reported. Futaba is moving its headquarters from Compton . . . Banzuelo/Rierson/Duff & Associates Inc., an Orange architecture firm, said plans are nearly ready for quadrupling the size of the Newport Beach/Costa Mesa YMCA by adding 45,000 square feet, including a gym and fitness center . . . Rancho Valencia Plaza, a 20,000-square-foot office and retail center on Garden Grove Boulevard in Orange, was sold by Garden Grove Associates of Los Angeles to Frank Watase of Torrance for $1.5 million, Burke Commercial Real Estate announced . . . Tustin Avenue Shopping Center in Santa Ana was also sold recently for $2.5 million. Buying was real estate syndication firm Thompson, Hentzen, Keyes . . . Cerritos & Vernon Property, a new general partnership in Newport Beach, bought a 22,000-square-foot industrial building on East Cerritos Avenue in Anaheim for $1.75 million from Diversified International, a limited partnership in Westmont, Ill., according to Collins Fuller Corp.

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